What is a settlement offer?

A settlement offer is a formal proposition made by one party to settle a dispute or claim with the other party. In New Jersey accident law, a settlement offer is most often used when both parties enter into a dispute after an accident or injury has occurred. The settlement offer is usually made by the party who is found to be liable or at fault for the accident. The settlement offer consists of a proposed amount of monetary compensation that the liable party is willing to pay in order to settle the dispute and avoid pursuing further litigation. The settlement offer is typically sent from the liable party’s insurance company or lawyer to the injured party’s lawyer. The injured party’s lawyer then reviews the offer and evaluates its fairness. If the injured party’s lawyer believes that the settlement offer is fair, he or she will typically advise their client to accept the offer. If the offer is deemed to be too low or unfair, the lawyer can advise their client to negotiate or counter the offer and suggest a different amount. In either case, both parties must agree to the settlement offer before it is accepted and the dispute is settled.

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